Mortgage technology business Mortgage Brain is rolling out its affordability-based sourcing solution Affordability Hub, following a successful pilot.
The hub is initially being rolled out to users of Mortgage Brain’s criteria-based sourcing solution Criteria Hub over the coming months.
After this, it will be made available to users of the Mortgage Brain Anywhere and Mortgage Brain Classic sourcing systems later in the year.
In each case there will be no added cost; intermediaries taking advantage of the 90-day free trial of Criteria Hub during this time will also have access to Affordability Hub.
Affordability Hub provides intermediaries with a comprehensive summary of how much lenders will consider lending, as well as recording each stage of the lender’s affordability calculation, to provide a full audit trail to support their advice from a compliance perspective.
There are currently 27 lenders live on Affordability Hub, including Accord, Barclays, HSBC, Nationwide, and Virgin Money.
These 27 lenders account for approximately 85% of the mortgages sold in the UK.
The pilot initially commenced with Countrywide and Openwork Advisers; since then, users from other intermediary firms have taken part, including Fluent Mortgages and The Right Mortgage Company.
During the pilot, intermediaries carried out affordability checks for mortgages in excess of £500m.
Mark Lofthouse, CEO of Mortgage Brain, said: “The ability to deliver affordability together with product and criteria sourcing enables intermediaries to give the best advice to their customers.
“Throughout the pilot of Affordability Hub, intermediaries have told us that this system has transformed their advice process.
“The ability to access a single system which provides them with information from a host of lenders around precisely how much they are willing to lend their clients helps to deliver the best advice.
“We are thrilled to be rolling out Affordability Hub, making it available to thousands of intermediaries in the coming weeks as we continue to transform mortgage sourcing through investment and innovation.”